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Kewaunee Scientific Reports Record Sales and Earnings for First Quarter
Date:8/27/2013

STATESVILLE, N.C., Aug. 27, 2013 /PRNewswire/ -- Kewaunee Scientific Corporation (Nasdaq: KEQU) today reported record sales and earnings for its first quarter ended July 31, 2013.

Net earnings for the quarter were $1,587,000 or $0.61 per diluted share, up from net earnings of $634,000, or $0.25 per diluted share, in the first quarter of the prior year. Sales for the quarter were $32,003,000, up 19.9% from sales of $26,683,000 in the first quarter last year. Earnings for the quarter benefited from higher sales and earnings from both Domestic and International Operations, as well as the favorable impact of the Company's buyout of the minority ownership in its principal international subsidiary.

During the quarter, the Company purchased the 49% minority ownership of its subsidiary, Kewaunee Labway Asia Pte. Ltd. The purchase of this additional ownership increased net earnings for the quarter by $140,000, or $0.05 per diluted share. Through its headquarters in Singapore and its subsidiary in India, Kewaunee Labway Asia serves as the Company's international center for sales and installation of laboratory furniture products and fume hoods.

Domestic Operations sales for the quarter were $27,073,000, up 19.6% from sales of $22,629,000 in the first quarter last year. Sales benefited from strong order activity from the Company's dealer network and a strong backlog of orders with customer ship dates during the quarter. In the domestic markets, increased activity for mid-size private sector laboratory construction projects more than offset fewer large projects and continued soft demand for publicly funded wood projects. The Company continues to increase market share, although pricing remains very competitive in all of its market segments.

International Operations sales for the quarter wer
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SOURCE Kewaunee Scientific Corporation
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